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- Courtney Kamauf schedules production of a popular Rustic Coffee Table at Kamauf Enterprises, Inc. The table requires a top, four legs, 1/8 gallon of stain, 1/16 gallon of glue, 2 short braces between the legs and 2 long braces between the legs, and a brass cap that goes on the bottom of each leg. She has 100 gallons of glue in inventory, but none of the other components. All items except the brass caps, stain, and glue are ordered on a lot-for-lot basis. The caps are purchased in quantities of 1,000, stain and glue by the gallon. Lead time is 1 day for each item. Schedule the order releases necessary to produce 640 coffee tables on days 5 and 6, and 128 on days 7 and 8.Selected accounts with some amounts omitted are as follows Work in Process Oct. 1 Balance 20,700 Oct. 31 Finished goods X 31 Direct materials 90,100 31 Direct labor 172,700 31 Factory overhead X Finished Goods Oct. 1 Balance 12,200 31 Goods finished 306,100 If the balance of Work in Process on October 31 is $205,900, what was the amount of factory overhead applied in October? a.$172,700 b.$90,100 c.$399,300 d.$228,500upon graduating with an accounting degree, you open your own accounting firm of which you are the sole employee. To start the firm you passed on a job offer with a large accounting firm that offered you a salary of RM60,000 annually. Last year you earned a total revenue of RM100,000. Rent and supplies last year were RM50,000. 2.1) Your annual economic costs are
- 7-16. Economists at Jensen Enterprises used time-series data to estimate the following total cost function for the firm: TC=200-2Q+0.05 Where TC is total cost and Q is the output rate. a. Determine an equation for the average cost function. Plot this function, and find the output rate that minimizes average cost. b. Is the production process characterized by decreasing, constant, or increasing returns to scale? c. If the market price of output is $4.32 per unit, is there a scale of plant that would allow the firm to earn an economic profit or at least to break even?Your aunt is thinking about opening a hardware store. She estimates that it would cost $500,000 per year to rent the location and buy the stock. In addition, she would have to quit her $50,000 per year job as an accountant. Your aunt’s opportunity costs comprise *the accounting costs.the accounting costs and the implicit costs.all economic costs.none of the above Referring to the problem above: The implicit cost/s that your aunt can incur is/are: *foregone rental value, foregone interest income, foregone wages.foregone rental value and foregone wagesforegone interest income and foregone wagesforegone wages.Complete the following table by calculating the contribution to profit and overhead for each of the 10 time periods and prices. Time Period Price Quantity Sold Total Contribution ($) (Million) ($ Million) 1 2,400 0.2 2 2,200 0.2 3 2,000 0.2 4 1,800 0.2 5 1,700 0.2 6 1,600 0.2 7 1,500 0.2 8 1,400 0.2 9 1,300 0.2 10 1,200 0.2 Over the 10 periods, the total contribution to profits and fixed costs from price skimming is million.
- Inventory Costing Methods—Periodic MethodThe Luann Company uses the periodic inventory system. The following July data are for an item in Luann's inventory: July 1 Beginning inventory 30 units @ $9 per unit 10 Purchased 50 units @ $11 per unit 15 Sold 60 units 26 Purchased 25 units @ $13 per unit Calculate the cost of goods sold for July and ending inventory at July 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost methods. Note: Round your cost per unit to three decimal places, if needed. Then round your final answers to the nearest dollar. A. First-in, First-out: Ending Inventory Answer Cost of Goods Sold: Answer B. Last-in, first-out: Ending Inventory Answer Cost of Goods Sold: Answer C. Weighted-average cost: Ending Inventory Answer Cost of Goods Sold AnswerHenry takes put a home-equity loan for $50,000. He deposits the loan proceeds into an account used by his sole proprietorship, a business in which he actively participates. The money is immediately spent on new equipment for the business. Henry should elect to treat the $50,000 loan as?The owner of Barb’s Burgers has suggested the firm should invest in more moderntechnology and created a list of potential changes she thinks may be helpful as aninvestment. She has asked you to analyze the four potential choices and comment onwhat this would change in terms of cost: Hire a firm to create an online system to allow customers to order even when theyare not physically at Barb’s Burgers. This would allow for people to ensure theirorders were input correctly for those who are pickier eaters. The online systemwould need to be integrated into the point of sales system to track orders for thekitchen Question: Argue how each of these is likely to change the cost of the firm once implemented (i.e. are any of these a fixed cost or a variable cost). How this adjust theamount of labour and/or capital currently necessary for the firm? Would the technology be a general technology, labour-saving, or capital-saving?
- A manufacturing Company has estimated its quarterly demand (units) as shown in the following table. It expects the next demand cycle to be similar to this one and wishes to restore ending inventory, employment, etc., to beginning levels accordingly. Quarter Units 1st 2250 2nd 2800 3rd 1700 4th 1600 Each quarterly change of 300 units output has an incremental labour cost of OMR. 1,600, and ending levels must be restored to initial levels. What is the cost associated with changing the work force size? (Write the number only) Answer:The local electricity company will be unable to meet demand for a week.DevastatedProvide an explanation for why business continuity measures were taken in each scenario. data from a server by a disgruntled workerThe Covid-19 containment protocols require the company to maintain a minimal workforce for many months.Firefighters flooded servers and other IT equipment while putting out an office fire.After hours, a crucial server farm was broken into.The following is cost information for the Creamy Crisp Donut Company:Entrepreneur's potential earnings as a salaried worker = $50,000Annual lease on building = $22,000Annual revenue from operations = $380,000Payments to workers = $120,000Utilities (electricity, water, disposal) costs = $8,000Value of entrepreneur's talent in the next best entrepreneurial activity = $80,000Entrepreneur's forgone interest on personal funds used to finance the business = $6,000Refer to the data. Creamy Crisp's implicit costs are: A. $150,000 B. $94,000 C. $136,000 D. $156,000